Who Wants 401k or IAM National Pension Fund? Mx & Rlt'd

[mike33]

Timmy,

This is the one case in which I do not agree with you. DBP plans are a great thing and 401k's are a great thing and the two of them together is a windfall. Remember, those of you who were in the frozen US pension. It still exists (now government funded but I digress). When you retire, you WILL get at least some of that money. When you attain retirement age at US you will still get it. And since it is multi-company the money will be there. Contractually, I believe the Union made the company pay it share into the fund annually before anything else. If I am correct, that is the ONE thing they did right.

If you leave and go to another company, you will still get the monies from the IAMPF as long as you are vested. Those who were "grandfathered in" are vested now. The little cards you get telling you your amounts at retirement age will tell you if you are vested.

Any financial professional will tell you that a Pension is usually fairly safe, especially since they are government protected, whereas the 401k is market driven. If you have all your retirement money there and the market takes another dump like it did in 2001 right when you retire, you are screwed. Pensions are safer for the most part, but 401k's are POTENTIALLY a much better investment.

Just my humble opinion...

😛h34r:

I am of early retirement age and I wanted to retire with my PBGC pension and collect from the IAM pension fund. My plan was to work for frontier part time until I could collect my Social Security. Well, I couldn't collect the IAM pension because Frontier was in the same industry. Not only that , but I was told I couldn't work anywhere that had presence of the IAM.....

So here I sit still at us

sonofsamsonite

 

[Ramp Rogue]

The iam can always find a way to screw US!

 

[openview]

The IAMNPF is probably a better plan in the long run as it does not cost you any out of pocket money.

So the company makes this payment as a gesture of good will and the amount of this payment going to IAMNPF is not negotiated or counted against the employee group's overall financial package?

 

[Theo Corner]

I am of early retirement age and I wanted to retire with my PBGC pension and collect from the IAM pension fund. My plan was to work for frontier part time until I could collect my Social Security. Well, I couldn't collect the IAM pension because Frontier was in the same industry. Not only that , but I was told I couldn't work anywhere that had presence of the IAM.....

So here I sit still at us

sonofsamsonite

All Union pensions are like that. You cannot work in the same industry and retire. The unions do not allow "double dipping". The Teamsters are like that, the IAM is like that, the Steelworkers are like that. I am not sure about ALL company pensions being like that though.

Even back when the US Company pension was alive, you could not retire from US then work for Frontier until Social Security age.

Sorry, sonsamsonite but you should have been made aware of this well before now. And not trying to be funny, but Walmart greeting is good for Pensioners. You could also do like my friend did, he became a Starter at a golf course. Not a lot of cash for those types of jobs, but not a lot of work either.

Good luck!

 

[Planemx]

All Union pensions are like that. You cannot work in the same industry and retire. The unions do not allow "double dipping". The Teamsters are like that, the IAM is like that, the Steelworkers are like that. I am not sure about ALL company pensions being like that though.

Even back when the US Company pension was alive, you could not retire from US then work for Frontier until Social Security age.

Sorry, sonsamsonite but you should have been made aware of this well before now. And not trying to be funny, but Walmart greeting is good for Pensioners. You could also do like my friend did, he became a Starter at a golf course. Not a lot of cash for those types of jobs, but not a lot of work either.

Good luck!

Which is why you don't have the union in charge of your pension.....if your pension was elsewhere you could still work part time w/ another airline, have health benefits, flight benefits AND still have your pension. The idea of the union 'looking out for you' and wanting to pay you your pension is about as absurd as the company saying 'we're merging - and you have nothing to worry about'.


so rants the ratchet.....

 

[av60]

If the iampf in mentioned in any transition agreement it will get my no vote.

Unless the no working in the same industry is removed from the language, and i still get
to keep my 401k its match and the 3% 401k db.

 

[Mr Eagle]

If the iampf in mentioned in any transition agreement it will get my no vote.

Unless the no working in the same industry is removed from the language, and i still get
to keep my 401k its match and the 3% 401k db.

We Are NOT In Full Sec 6 Negotiations Remember. It Would Be Nice to Negotiate The Full Contract But We Have Not the Time Or Willing Attitude from the Company. Remember AL HEMMINGWAY? MR E.